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Topsports Stock Plummets to Record Low After Nike Terminates China Online Sales Deal
Shares of Topsports International Holdings (HK:6110) plunged to a record low on Wednesday after its key partner, Nike Inc. (NYSE:NKE), announced it will terminate their online sales arrangement in mainland China at the beginning of 2027.
Market Reaction
The Hong Kong-listed retailer's stock fell as much as 26.2% to an all-time low of HK$1.41 in Wednesday trading. The sell-off followed a formal notice from Nike, which Topsports said it received after the market closed on Tuesday.
The stock later pared some of its losses, trading down approximately 23.6% at HK$1.46, according to market data. The announcement has erased a significant portion of the company's market value in a single session.
AdPartnership Termination Details
Topsports confirmed that its online sales partnership with Nike will end completely with effect from January 1, 2027. The company acknowledged in a statement that the decision would have a "significant short-term impact" on its business.
Online sales of Nike products represent a crucial revenue stream for the group. For the financial year ended February 28, 2026, these sales accounted for approximately 22% of the group's total revenue. Despite the termination of the online agreement, Topsports stated it remains committed to its offline, brick-and-mortar sales partnership with Nike on a "mutually beneficial basis."
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